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Organizational structure and performance : evidence from the nonlife insurance industry in Japan

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      <subfield code="a">Lai, Gene C.</subfield>
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      <subfield code="a">Organizational structure and performance</subfield>
      <subfield code="b">: evidence from the nonlife insurance industry in Japan</subfield>
      <subfield code="c">Gene C. Lai, Piman Limpaphayom</subfield>
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      <subfield code="a">This study examines the impact of organizational structure on firm performance, incentive problems , and financial decisions in the Japanese nonlife (property-casualty) insurance industry. Stock companies that belong to one of six horizontal keiretsu groups have lower expenses and lower levels of free cash flow than independent stock and mutual insurance companies. Keiretsu insurers also have higher profitability and higher loss ratios than independent insurers. With a limited sample size , there is some evidence that mutual insurers have higher level of free cash flows , higher investment incomes, and lower financial leverage than their stock counterparts. Overall, empirical evidence suggest that each structure has its own comparative adventage</subfield>
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      <subfield code="a">Japón</subfield>
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      <subfield code="a">Estructura organizativa</subfield>
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      <subfield code="a">Análisis empírico</subfield>
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      <subfield code="a">Seguros no vida</subfield>
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      <subfield code="a">Mercado de seguros</subfield>
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      <subfield code="a">The Journal of risk and insurance</subfield>
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      <subfield code="w">MAP20077000727</subfield>
      <subfield code="t">The Journal of risk and insurance</subfield>
      <subfield code="d">Orlando</subfield>
      <subfield code="g">Volume 70, number 4, December 2003 ;  p.735-757</subfield>
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